At 1.5 billion of indicated and inferred resources, the deposit is shaping up to be a world-class asset.

If this low-grade, high tonnage operation was in production today at the 25,000 tonnes of nickel a year forecast in the preliminary economic assessment it would be the world’s 12th largest mine.

There are 485 milion tonnes at 0.245 per cent nickel in the higher-confidence indicated category and 1.15 billion at 0.248per cent ‘inferred’.

The project is plugged in to extensive infrastructure and the firm’s preliminary economic assessment (PEA) suggests it would be in the lower quartile of producers.

That report, prepared by MSA Group, also revealed the capital costs of developing an open pit would be around $700milion and, importantly, assigned a net present value to Zebediela of $1billion.

The figure was compiled without adding in the benefit from sales of magnetite iron concentrate that would be created as a by-product, or the platinum that lies beneath the planned open pit.

And then there is the nearby Burgersfort Project, which has the potential to be the twin site to Zebediela.

The cash that was recently raised will be used to 'upgrade the [Zebediela] resource, expand the open-pit and conduct more work on the magnetite concentrate', reveals Zorbas.

He is bullish on the potential for the project and the nickel market in particular.

Prices are on the rise, having jumped from $14,000 a tonne to above $20,000 since the start of the year.

The ban on exports of unprocessed ore by Indonesia has been at least a partial catalyst for that spike, while the world’s largest producer, Norlisk, is likely to be hit by trade sanctions aimed at Russia.

Zorbas certainly doesn’t see the market getting any easier as Indonesia is unlikely to repeal the embargo quickly, which points to further increases in the value of the metal.

'This is a very enticing project and when we last had prices where they were today assets like this sold for $200-$500milion,' observes chairman Subotic.

The preferred route would be a sale, Zorbas reveals; however, he and his chairman aren’t afraid to take Zebediela into production.

They had offers, when URU owned 50 per cent of the deposit rather than the 100 per cent they have now, to fund it to production.

Moving north from South Africa, the AIM listed mining exploration specialist has a second potential company-maker in its Narke shale oil acreage in Sweden, which is also host to one of the world's largest unproven uranium deposits.

It produced oil in the 1940s and ‘50s, but closed when a fall in the price of oil rendered it uneconomic.

URU AT A GLANCE

AIM code: URU

Current price: 2.25p

Year-high: 3.13p

Low: 1.1p

It is known to contain 500 milion barrels of crude and there may even be gas – although this has yet to be confirmed.

The plan is to drill Narke to amass perhaps 1bn barrels resource before selling it on to a company with the deep pockets required to exploit this sort of oil discovery.

Zorbas said Narke isn’t technically challenging, but will require significant capital expenditure to maximise its returns.

That said, at a cost of around $2 a barrel, it will still be one of the most economic field developments in the world.

'If we could increase the resource to 1bn barrels this would be a game changer,' says Zorbas.

'We would look to sell it in the ground per barrel with very good economics. RBC is giving values of 80 cents for oil shale in the ground.

'We would like to sell it, retain a royalty and keep the uranium rich by-product.'

The Finnish nickel producer Talvivaara has enjoyed great success in turning a by-product from its mine into a sought after uranium concentrate.

The projected capital costs of such an operation would be far less prohibitive than developing the oil shale at possibly less than $100milion.

With two highly prospective, potentially world-class projects on its books, one would expect the company’s market capitalisation to be significantly more than £3milion.

But this is reality for a company that has done little to date to market itself or its assets – and this lowly valuation presents a huge opportunity for those with an appetite for risk.

Zorbas says 'awareness and openness will be the catalysts' that increase URU’s worth.